Public sector purchases of terrorism policies rose by 331% in 2017, according to the latest research
Purchases of terrorism insurance policies more than quadrupled in value in 2017, according to analysis from market research group Tussell.
Local authorities and other public bodies spent £56m on terrorism insurance last year, compared wiht only £13m in 2016, for an increase of 331%.
Tussell found that the top 10 buyers accounted for 42% of the total value.
Three of the top five contracts were for insurance services in London. Only one of the top contracts was issued after the Westminster attack on 22 March – the first major UK terrorist attack in 2017.
In September 2017, the London Borough of Southwark issued a £34k award for “Terrorism cover for 160 Tooley Street”, a local authority building near to the site of the London Bridge attack on 3 June 2017.
The Insurance London Consortium (ILC) issued £21m of awards/frameworks for insurance services that included terrorism cover.
Out of the top five contracts, three were for councils: Royal Borough of Kensington & Chelsea (£9m), Cheshire West and Chester Council (£7m), and Cheshire East Council (£5m).